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Five characteristic features of a successful Forex trader
Not everyone can become a trader in Forex. And trade from time to time, with the aim of obtaining additional income, and professional manufacturing – all this requires certain skills and characteristics.
Are You ready for this? Select 5 typical characteristics, which need to master each trader.
1. General understanding: Are You able to separate the small particular from the General, a complete picture? This is important for two reasons. First, the separation of the current price movement from the main trend. The second aspect relates to money management - the ability to separate Your current trade operations from Your account.
2. Patience: Too many traders suffer from a lack of patience during the initial training or can't wait for really good opportunities to enter the market. Others may not be long enough to hold open positions for achieving trade objectives. Or, in the case of the first progress, they do not have the patience to continue trading with the same position size, they can easily "double" position, hoping to earn more, but quickly drain your Deposit.
3. The ability to adapt: Market conditions are constantly changing, and a good trader should be able to adapt to them. Your trading system may not work well forever. All the time changes and You will need to develop and improve their system, or even possibly change it to some other. The ability to adapt relates to the field of fundamental analysis: strength in the Euro could lead to a situation when the "unfolding" and the economy starts to "slow down". A "weak" currency can help the economy to overcome the consequences grabbed her crisis.
4. Caution: When uncertainty in the markets is strong, a good trader will carefully make the decision. This means that he focuses on more predictable currencies, reduces the size of open positions when it is justified, or even leaving the market. Success in Forex trading is not limited only to winning positions, but it is achieved at the same time minimizing losses from losing.
5. Knowledge of your own shortcomings: If You are able to realize Your weaknesses, then You are already half way to overcome them. All important issues will be closer to your permission if You acknowledge their presence and understand that it is still far from a final victory over them. Your character, of course, will not change instantly, but You will be better able to adapt to changing conditions and become more patient than before.
|Category: Forex | Added by: (29.10.2017)